The shear modulus of electrodeposited amorphous CoP was measured via torsional vibrations at about 0.5 MHz after pre-annealing the samples for 20 h at 200 O C. Besides the isostructural, instantaneous change a relaxation of G was observed, which is caused by reversible structural relaxation of the material. During isothermal treatment after a change of the temperature G tends non-monotonically to the new temperature-dependent pseudoequilibrium. This means that at least two types of elementary processes with different kinetics govern the process. Following a concept proposed to explain the relaxation of defect concentrations in crystalline gold the observations presented in this paper are qualitatively described by the alternate play of production and annihilation of single, di-and tri-vacancies.